Confidence in banknotes is important for keeping the whole economy functioning. That is why we work hard to ensure our notes are high quality, durable and difficult to counterfeit.
There are four denominations (values) of Bank of England notes in circulation: £5, £10, £20 and £50.
We will issue a new polymer £20 note on 20 February 2020. You can continue to spend paper £20 notes as usual and these will be gradually withdrawn as they are banked by retailers and the public. We will announce when our paper £20 notes stop being legal tender six months in advance.
In October 2018, we announced we would issue a new polymer £50 note. The mathematician Alan Turing, who was chosen using our character selection process, will feature on it. We expect the new note to enter circulation by the end of 2021.